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Royal Dutch Shell posts 58pct dip in profits over Q1
(MENAFN) As depressed crude prices create hugely challenging times for the energy industry, Royal Dutch Shell, the struggling oil giant witnessed its Jan-March earnings slump 58pct.
The Anglo-Dutch behemoth's profit adjusted for changes in the value of inventories declined to USD1.55 billion from USD3.74 billion in the same timeframe of last year.
Shell projects capital investments of nearly USD30bn this year, 36pct less than Shell invested in 2014, plus operating expenses will be around USD40bn, as opposed to combined USD53bn in 2014.
Furthermore, crude prices have deteriorated excessively because outcome from top producers remains high even as slower economic development, particularly in China, reduces consumption.
The Anglo-Dutch behemoth's profit adjusted for changes in the value of inventories declined to USD1.55 billion from USD3.74 billion in the same timeframe of last year.
Shell projects capital investments of nearly USD30bn this year, 36pct less than Shell invested in 2014, plus operating expenses will be around USD40bn, as opposed to combined USD53bn in 2014.
Furthermore, crude prices have deteriorated excessively because outcome from top producers remains high even as slower economic development, particularly in China, reduces consumption.
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